Celebrating Local Businesses: Four Success Stories of the Pennsylvania Catalyst Loan Fund

In a remarkable testament to community growth and economic resilience, the Pennsylvania Catalyst Loan Fund, administered by the Capital Region Economic Development Corporation (CREDC), has successfully facilitated funding for four local businesses. These enterprises, each with a unique story and vision, utilized the same program to secure vital financial support for their expansion and development.

George Fernandez, Latino Connection, LLC

On August 16, George Fernandez, President & CEO of Latino Connection, LLC, celebrated the closing of a significant loan to renovate recently acquired real estate in Dauphin County at 940 East Park Drive, Harrisburg. The 5-year SSBCI loan, totaling $250,000, provides fixed-rate financing at 4.75%, amortized over 25 years with a balloon payment at the end of 5 years. This strategic investment will undoubtedly contribute to the growth and revitalization of the local business landscape.

Joshua Willits, Idea, LLC, and Lonely Monk Coffee Roasting, LLC

On September 11, Joshua Willits, Owner of Idea, LLC, and Lonely Monk Coffee Roasting, LLC, successfully closed on a loan to acquire Bagel Lovers Cafe, located in Dauphin County at 2237 Paxton Church Rd, Harrisburg. The 5-year SSBCI loan, totaling $97,000, provides fixed-rate financing at 4.75%, amortized over 10 years with a balloon payment at the end of 5 years. This funding will support the continued success of these businesses and further enrich the local culinary scene.

Shelly Matter, Seventh + Lavender, LLC

On September 29, Shelly Matter, Owner of Seventh + Lavender, LLC located in Perry County, secured a loan to acquire Humble Stitch, located at 2 N 2nd Street, Newport. The 5-year SSBCI loan, totaling $53,600, offers fixed-rate financing at 4.75%, amortized over 10 years with a balloon payment at the end of 5 years. This investment will undoubtedly enhance the creative landscape of the community and contribute to the growth of the local economy.

Ray Thompson, SupplySource, Inc.

On November 3, Ray Thompson, President of SupplySource, Inc. located in Cumberland County, successfully closed on a significant loan to acquire Tanner of Pennsylvania located at 7813 Derry Street, Harrisburg. Both are leading providers of Haworth office furniture and will now serve the central Pennsylvania market. The combined SupplySource and Tanner organization will provide clients with an even broader range of workplace solutions, including office furniture, strategic design, and facility management services. Clients can expect an elevated level of service and expertise. The 5-year SSBCI loan, totaling $521,343, provides fixed-rate financing at 4.75%, amortized over 10 years with a balloon payment at the end of 5 years.

Pennsylvania Catalyst Loan Fund

Awarded through the Chester County Economic Development Council, the Pennsylvania Catalyst Loan Fund offers term loans suitable for machinery and equipment, refinancing, working capital, real estate purchase, and construction, in accordance with SSBCI federal and state guidelines. The program features fixed interest rates below prevailing bank rates, with a focus on providing support to diverse business owners, those in disadvantaged areas, and businesses with ten employees or fewer.

For more information about the Pennsylvania Catalyst Loan Fund and how it can benefit your business, please contact Anita Weikel, Lending Officer at CREDC, at 717.213.5036 or via email.

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